Rivian Automotive (NASDAQ:RIVN) Raised to “Neutral” at UBS Group

UBS Group upgraded shares of Rivian Cars (NASDAQ: RIVN – Free Report) from a sell rating to a neutral rating in a report published on Tuesday morning, Marketbeat.com report. They currently have a $9.00 target price on the electric vehicle maker’s stock.

RIVN has been the subject of several other research reports. Barclays decreased their price objective on Rivian Automotive from $16.00 to $12.00 and set an equal weight rating for the company in a research report on Monday, February 26. Evercore ISI decreased their price objective on Rivian Automotive from $35.00 to $25.00 and set an outperform rating. for the company in a research report on Thursday, February 22. Morgan Stanley cut their price target on Rivian Automotive from $14.00 to $13.00 and set an overweight rating for the company in a research report on Thursday, April 4. Cantor Fitzgerald reaffirmed an overweight rating and issued a $23.00 price objective on shares of Rivian Automotive in a research note on Wednesday, April 3. Finally, The Goldman Sachs Group decreased their price objective on Rivian Automotive from $20.00 to $17.00 and set a neutral rating on stock in a research note on Thursday, January 25. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Neutral Buy and an average target price of $19.91.

Check out our Latest Report on RIVN

Rivian Car Park Increases 3.7%

RIVN stock opened at 8.71 US Dollar. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $28.06. The business has a fifty day moving average price of $11.98 and a 200 day moving average price of $16.14. The company has a debt to equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The stock has a market capitalization of $8.51 billion, a P/E ratio of -1.52 and a beta of 1.88.

Rivian Cars (NASDAQ: RIVN – Get a Free Report) last posted its quarterly earnings data on Wednesday, February 21. The electric vehicle maker reported ($1.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative margin of 122.51%. Equities analysts forecast that Rivian Automotive will post -4.8 earnings per share for the current fiscal year.

Domestic Activity

Information related to CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction dated March 11th. The stock was traded at an average price of $13.18, for a total value of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The transaction was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed via SEC website. Information related to CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction that occurred on Friday, February 16. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The sale was disclosed in a document filed with the Securities and Exchange Commission, which is available at this link. Also, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred on Monday, March 11. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at $690,829.70. A disclosure of this marketing can be found here. Insiders sold a total of 54,306 shares of company stock worth $717,274 in the last quarter. 2.30% of the shares are currently owned by company insiders.

Income and Disbursement of the Institution

Several hedge funds have recently added to or reduced their stakes in RIVN. Price T Rowe Associates Inc. MD grew its position in Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the auto maker’s stock valued at $2,277,304,000 after acquiring an additional 25,550,489 shares during the period. Moneta Group Investment Advisors LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at $228,175,000. Norges Bank acquired a new stake in shares of Rivian Automotive during the fourth quarter valued at $129,427,000. State Street Corp boosted its holdings in shares of Rivian Automotive by 145.5% in the third quarter. State Street Corp now owns 9,064,249 shares of the electric vehicle maker’s stock valued at $298,304,000 after acquiring an additional 5,371,852 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle maker’s stock valued at $1,602,629,000 after acquiring an additional 4,467,881 shares during the last quarter. 66.25% of the shares are currently owned by hedge funds and other institutional investors.

About Rivian Automotive

(Get a Free Report)

Rivian Automotive, Inc., together with its subsidiaries, designs, develops, manufactures and markets automobiles and electrical equipment. The company offers consumer vehicles, including a five-passenger two-row pickup truck under the R1T brand, a three-row seven-passenger sport utility vehicle under the R1S name.

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